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Pharma & capital goods lead gains
Tue, 4 Jun 01:30 pm

Indian share markets pared gains in the post-noon trading session, but continued to trade above the dotted line. Majority of the sectoral indices are trading in the green with pharma, capital goods and auto stocks being the biggest gainers. Only consumer durable, metal and IT stocks are languishing in the red.

BSE-Sensex is up 60 points and NSE-Nifty is trading 19 points up. BSE Mid Cap is trading 0.4% up and BSE Small Cap index is trading up by 0.7%. The rupee is trading at 56.6 to the US dollar.

Mining stocks are trading mixed with MOIL and Gujarat NRE Coke being the biggest gainers and Coal India and Sesa Goa leading among losers. As per a leading financial daily, coal production of 34.5 m tonnes (MT) by Coal India Ltd (CIL) in May fell short of its target of 36.5 MT. Even its coal offtake at 38.2 MT was below its target of 40.9 MT. During the first two months of FY13, the company produced 70.3 MT of coal against its target of 71.6 MT. Last year, CIL's coal output was down by 12 MT from its projected production of 464 MT due to worker's strikes and other issues. The Coal Ministry has set a production target of 482 MT in FY13.

Most of the automobile stocks are trading are in green with Mahindra and Mahindra (M&M) and Tube investments being among the top gainers. As per a leading financial daily, domestic auto major M&M intends to launch six new tractor models in the current fiscal. Among these six new launches, one will be totally from a new platform, M Star. Reportedly, the company is working on this model since last two and half years. The remaining five will be variants of the existing models. As per the company CEO, Rajesh Jerurikar, the new platform generally requires an investment of around Rs 3.5 bn. The company has planned investment of upto Rs 100 bn during 2013-15 for capacity expansion and new product launches. The company's domestic sales of tractors grew by about 25%, with 22,471 units sold during May 2013, as compared to sale of 18,019 units in corresponding period previous year. M&M was trading up by 1.9%.

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